Bitcoin mining firm MARA Holdings (MARA) nearly tripled its Bitcoin holdings over 12 months, as revealed in its Q1 results. The company increased its holdings to 47,531 BTC, a 175% increase from the previous year, valuing their Bitcoin assets at approximately $4.9 billion at Bitcoin's current price of $102,660. Despite this significant growth in holdings, MARA's Bitcoin production fell by 19%, down to 2,286 Bitcoin, attributed to the recent Bitcoin halving event, which reduced mining rewards. Moreover, MARA's quarterly earnings slightly missed Wall Street estimates, falling short by 0.35%. Similar struggles were noted among other Bitcoin mining firms like Riot Platforms and Core Scientific, all grappling with higher mining costs and revenue shortfalls in Q1. Despite these challenges, MARA's stock price did experience a temporary increase of 7.2% during trading on May 8, though it pulled back in after-hours trading. Overall, while the increase in Bitcoin holdings is notable, broader challenges in production and revenue highlight ongoing difficulties for Bitcoin miners in the current market environment.

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